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HC - Registration u/s 12AA - While considering registration u/s 12AA, the CIT(E) was required only to determine the objects of the society which undoubtedly were charitable in nature. - no substantial question of law arises
THE COMMISSIONER OF INCOME TAX (EXEMPTIONS) , CHANDIGARH VERSUS M/S VISHWAYATAN YOGASHRAM
(2019) TaxCorp(LJ) 19204 (HC-P&H) · https://taxcorp.in/FileOpenDT.aspx?ID=78582&Category=Judgment&CategoryType=Zip
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HC - Provisions of Section 45(4) would not be attracted on the retirement of the two partners and consequential allotment of their share in the assets in the Assessee Firm.
M/S. NATIONAL COMPANY VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX BUSINESS CIRCLE – I [I/C] CHENNAI.
(2019) TaxCorp(LJ) 19203 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=78583&Category=Judgment&CategoryType=Zip
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HC -Scope of amendment in 115JB by Finance Act, 2012 - Sub-section 115JB as it stood prior to its amendment by virtue of Finance Act, 2012, would not be applicable to a banking company.
THE COMMISSIONER OF INCOME TAX-LTU, COMMISSIONER OF INCOME TAX (IT) -3 VERSUS UNION BANK OF INDIA, MASHREQ BANK PSC, BANK OF INDIA, M/S THE NEW INDIA ASSURANCE CO. LTD., CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK
(2019) TaxCorp(LJ) 19202 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=78584&Category=Judgment&CategoryType=Zip
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HC - Stay of demand - Normal formula contained in CBDT circular of collecting 20% disputed tax pending appeal, cannot be applied in the present case - Directed to deposit 50% disputed tax.
BHARAT J. PATEL. VERSUS DY. COMMISSIONER OF INCOME TAX-4 (1) (1) & ORS.
(2019) TaxCorp(LJ) 19201 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=78586&Category=Judgment&CategoryType=Zip
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S. 14A Rule 8D disallowance of shares held as stock-in-trade: Though Maxopp Investment 402 ITR 640 (SC) rejects the theory of dominant purpose in making investment, it makes a clear distinction between dividend earned on shares acquired for controlling interest & shares purchased as stock-in-trade. In the case of the latter, it is only by a quirk of fate that the shares were held by the assessee when the dividend was declared. Accordingly, s. 14A & Rule 8D do not apply to shares held as stock-in-trade
Nice Bombay Transport (P) Ltd vs. ACIT
(2019) TaxCorp(LJ) 19200 (ITAT-DELHI) · Section 14A
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Section 54F is a beneficial provision and should be liberally interpreted. An assessee who has purchased a house property is entitled to exemption u/s 54F despite the fact that construction activities of the new house has started before the date of sale of the original asset (Bharti Mishra 265 CTR 374 (Del) & Kuldeep Singh 270 CTR 561 (Del) followed)
Kapil Kumar Agarwal vs. DCIT
(2019) TaxCorp(LJ) 19199 (ITAT-DELHI) · Section 54F
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ITAT - When both the old as well as new unit were producing independent and distinct product then mere common management does not disentitle new EOU from Sec.10B deduction.
GE Motors India Pvt. Ltd Vs DCIT
(2019) TaxCorp(LJ) 19192 (ITAT-DELHI) · Section 10B
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ITAT - No TDS on subscription charges for the software paid to US company is not taxable under Article 12 of India-USA DTAA DTAA.
Microfinish Pumps Private Limited Vs The Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 19191 (ITAT-BANGALORE)
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ITAT - Customer Relationship Rights are in the nature of non-compete fee - Depreciation allowable as goodwill.
Incap Manufacturing Service Pvt. Ltd Vs Deputy Commissioner of Income-tax
(2019) TaxCorp(LJ) 19190 (ITAT-BANGALORE)
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ITAT - Tax Evasion - Transactions sale of shares of a dubious company, resulting in long term capital gains obtained through brokers are 'sham' and a colourable device - Upholds Sec.69A addition.
Pooja Ajmani Vs ITO
(2019) TaxCorp(LJ) 19189 (ITAT-DELHI) · Section 69A
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ITAT - Sec.56(2)(vii)(b)(ii) not applicable with respect to land purchased by assessee engaged in real estate business, which is part of his stock-in-trade.
Shri Satendra Koushik Vs ITO
(2019) TaxCorp(LJ) 19188 (ITAT-JAIPUR) · Section 56(2)(vii)(b)
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ITAT - Excess remuneration to partners pursuant to 'unregistered' supplementary deed is allowable u/s.40(b).
Saxon Fluid Sealing Devices Vs Assistant Commissioner of Income Tax
(2019) TaxCorp(LJ) 19187 (ITAT-DELHI) · Section 40(b)
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The assessee cannot plead that for all its revenue recognition and cost allowability, it is following the prescribed method of accounting and for the purposes of claim of interest expenditure, it will claim allowance under section 36(1)(iii).
Shri Khatu Shyam Builders Vs ITO
(2019) TaxCorp(LJ) 19186 (ITAT-JAIPUR) · Section 36(1)(iii)
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Distance learning provided by assessee-society to the students in its capacity as an authorized learning centre of Punjab Technical University (PTU) would fall within the realm of rendering 'education' as appearing in the charitable activities definition u/s. 2(15), holds Revenue erred in equating such services with that of a coaching institute.
Shaheed Udham Singh Educational Society Vs Income Tax Officer (Exemptions)
(2019) TaxCorp(LJ) 19185 (ITAT-AMRITSAR) · Section 2(15)
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HC - Profit Split Method is the Most Appropriate Method to determine the reasonable allocation of deemed taxable profits in India for NR's TV channel distribution revenue.
Commissioner of IncomeTax (IT)4 Vs M/s Fox Networks Group Asia Pacific Limited
(2019) TaxCorp(LJ) 19184 (HC-BOMBAY)
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SC - HC failed to frame the substantial question of law as per Sec.260A(3).
Ryatar Sahakari Sakkarre Karkhane Niyamit Vs Asst. Commissioner of Income TaxC1 & Ors.
(2019) TaxCorp(LJ) 19183 (SC)
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HC - Disallowance u/s 40A(3) - There was no reason for the Assessing Authority for not affording an opportunity to the Assessee to established the exemptions of Rule 6DD - Matter remanded.
MRS. R. THIRUVENGADAM VERSUS THE ASSISTANT COMMISSIONER OF INCOME TAX CIRCLE-I, PONDICHERRY
(2019) TaxCorp(LJ) 19182 (HC-MADRAS) · https://taxcorp.in/FileOpenDT.aspx?ID=78556&Category=Judgment&CategoryType=Zip
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HC - Non recording of finding of facts - Order not recording finding of facts is perverse and give rise to a substantial question of law.
CIT, CENTRAL II VERSUS CHURAMANI HOUSING (P) LTD.
(2019) TaxCorp(LJ) 19181 (HC-CALCUTTA) · https://taxcorp.in/FileOpenDT.aspx?ID=78557&Category=Judgment&CategoryType=Zip
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HC - Error of TDS mismatch in the computer system - The computer system cannot override the factual aspects. If the refund is payable, whether the computer systems accepts or not, is of no consequence. Department shall take steps to rectify the error of TDS mismatch in the computer system.
M/S. VODAFONE IDEA LIMITED VERSUS THE DEPUTY COMMISSIONER OF INCOME TAX (TDS) & ORS.
(2019) TaxCorp(LJ) 19180 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=78558&Category=Judgment&CategoryType=Zip
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HC - Allowability of bad debts - Assessee had entered into a commercial venture by booking commercial space with a developer in the upcoming construction of commercial building, the payment being in the advance booking. The sum was not refunded. This was thus clearly a business loss.
THE PR. COMMISSIONER OF INCOME TAX-6, MUMBAI. VERSUS M/S. KHYATI REALTORS PVT. LTD.
(2019) TaxCorp(LJ) 19179 (HC-BOMBAY) · https://taxcorp.in/FileOpenDT.aspx?ID=78560&Category=Judgment&CategoryType=Zip
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